For Sale By Owner Site Founder Sells NYC Home…Using A Broker
The founder of the For Sale By Owner website, which claims to help people sell their own homes, has found a buyer for his $2.15 million apartment – with the help of a traditional real estate broker.
According to the Wall Street Journal, Mr Sambrotto spent six months trying to sell the apartment in trendy Chelsea through online listings and classified ads.
But the DIY home selling guru eventually decided to turn the sale over to a professional.
After failing to sell his NYC apartment on his own as a For Sale By Owner (FSBO), Sambrotto hired a broker and paid the standard 6% commission in order to get the job done. His personal experience helps refute some of the myths Sambrotto has been espousing, to grow his online business, for over a decade.
Let’s look at two of those myths:
Myth #1 – You Will Pocket More Money Selling on Your Own
Most FSBO sites say you can save the commission by selling on your own. What happened in Sambrotto’s sale?
From the WSJ article:
“The broker, Jesse Buckler, said he told Mr. Sambrotto the apartment in the Lion’s Head building on West 19th Street near Sixth Avenue was priced too low and wasn’t drawing the right buyers.
By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more than the original asking price.”
Myth #2 – The Internet Alone Can Sell Your Home
Many have said that, with the introduction of home search on the internet, hiring an agent is no longer a necessity. What happened to the FSBO guru when he attempted to only depend on the internet?
From the WSJ article:
“Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling success’ and switched to a broker because many buyers were so reliant on brokers.”
Bottom Line
There is a reason the real estate industry has been around for centuries: it performs a valuable service.
It is my goal and pleasure to provide a valuable service to my clients. I hope you’ll allow me the opportunity to help you with your next real estate transaction. Please contact me if you’d like to buy or sell a home in North Texas.
